Nigerian Stock Market Loses N648bn Amid Profit-Taking

On Wednesday, the Nigerian stock market reversed the gains made on Tuesday, resulting in a loss of approximately N648 billion from investors' wealth due to renewed profit-taking across major counters. The Nigerian Exchange All-Share Index decreased by 0.41%, dropping from an opening level of 247,984.55 basis points to close at 246,980.17 basis points.

Total market capitalization also contracted from N159.992 trillion to N159.344 trillion. The market breadth was negative, with 45 equities recording price declines compared to 23 gainers, indicating a dominant profit-taking sentiment among investors.

Cornerstone Insurance Plc and Legend Internet Plc led the decline, each shedding 10.00% to close at N5.40 and N4.05, respectively. Other notable decliners included The Initiates Plc, Guinea Insurance Plc, and ABC Transport Plc.

Despite the bearish trend, some insurance stocks saw demand, with Lasaco Assurance Plc leading the gainers' chart, appreciating 10.00% to N2.42.